Bitcoin Forum

Hi, I am quite new to Bitcoins and am running my normal home PC to generate some Hashs to see what this Bitcoin fuss is all about.

When I started 2 weeks ago I joined Ozcoin (as I am an Aussie) and was making around 500Mh/s with my 7950 at stock speeds, and was producing around 0.03Bc per day, which is what I had read was about average. The current round with Ozcoin has so far gone 18 hours, and I have an estimated payout of 0.007Bc at this stage. This equates to around 0.01Bc per day, which obviously sucks. Now I know I am extremely small time, but was keen if anyone knows whether now that BL Asics are 'supposedly' starting to ship, whether the total pool has already gotten that much harder?

I was just about to put together an old mobo/CPU/Ram combo that I used to run as my old pc (which has 4 PIC-e slots), and put 4 x 7950s in it to beef up my Hashing. But if all I am going to return on each 7950 is 0.01Bc per day, then it won't even close to cover my cost of electricity (A$0.36/kwh!).

Also I have been browsing around how people are going to custom build Asic rigs with the Avalon chips - some people have personally ordered 1,000+ chips - are people seriously investing this much money? Surely when every man and his dog has access to Asic gear the pool is just going to get so much harder and their rate of return is going to plummet. Sad that it will squeeze out guys with even 10 or more x 7950s. Asics will be the ONLY way to profitably mine :(

You are pretty much late for GPU mining bandwagon. And yes, the competition only increases.

Try to get the cards used, and then you should be able to resell without too much of a capital loss.

Step 2 save coins and also buy asic when the chips are available .. I am sure some of the people that bought thousands of chips will put together a board and sell the asic off for a quick profit.

but yes .. GPU mining has no longterm future. however expirience wise it is a good start.

I started GPU mining a month ago, having invested 340 euro in a 7970 I expecting to break even in two more months. I believe that ASICs are coming slowly, so it seems from forum comments, this means we still have some time to play with GPU mining.